They Never Learn, Do They?

We just came across a dispatch that Quincy, Massachusetts, is about to play the old redevelopment game by razing 50 acres in the center of town at a cost of $300 million and having a developer build a $1.3 billion complex consisting of retail, entertainment, office, hotel, parking and housing facilities. The new wrinkle is two-fold: first, the bonds that the city intends to issue will be general obligation, not revenue bonds, and second, that won’t happen until the developer puts in the infrastructure at his expense. Estimated completion date: 10 years from now.

Rots of ruck, folks.

For the story click here.

Leave a Reply

Your email address will not be published. Required fields are marked *